Remittances to Mexico continue record-breaking trend

Mexican families received a record high of US $48.3 billion from abroad during the period from January to October. The number represents an increase of 14.6% over the same period last year, data from the Mexican central bank showed on Thursday.

The figure also marks 30 months of sustained increase with highs recorded in May ($5.142 billion), June ($5.144 billion) and September ($5.3 billion). In October alone, the number of remittances was US $5.35 billion — 11.25% more than the amount of US $4.81 billion registered in the same month of 2021.

In total, 124 million operations were registered between January and October, mostly electronic transfers.

Remittances, mainly from Mexican migrants in the United States, represent the country’s second-largest source of foreign revenue after automotive exports. It also accounts for more than the Mexican agricultural sector, which contributes 3% to the gross domestic product.

In a study conducted by the Wilson Center, Mexico ranked as the third-largest recipient of remittances in 2021 behind China and India. A whopping 94% of remittances come from the U.S., with California, Texas and Minnesota being the largest sending states.

At a time when President López Obrador is struggling to grow the economy, data from the Center for Latin American Monetary Studies (CEMLA) shows that nearly 4.9 million Mexican families and some 11.1 million adults receive remittances from their relatives abroad.

López Obrador has often boasted about the strong growth in remittances sent to Mexico and has called all 38 million Mexicans in the U.S. “living heroes” for the money they send back home. Before year-end, the President forecasts remittances to reach US $60 billion and has expressed trust that remittances will help lift the country’s economy, which registered a contraction of 8.2% in 2020 and a recovery of 4.8% in 2021.

Remittances are often sent once a month to Mexican households, an income that is mainly destined to food, clothing, and family health care. Other expenses of remittances include purchase of land, payment of debts, education expenses for household members and housing or household goods.

With reports from Swiss Info and Bloomberg

Have something to say? Paid Subscribers get all access to make & read comments.
United States and Mexican passports on American flag background, dual citizenship and international travel concept

Born in the USA to a Mexican parent? There’s help for clarifying your dual nationality

1
Baja California's relatively large foreign-born population and daily cross-border traffic can create headaches for Mexicans born on the U.S. side but without official documents verifying their dual nationality. The "Soy México" program provides help.
Molly

Mexico’s National Search Commission for Missing Persons has a new canine comrade

0
"Molly" extends a Mexican tradition of dogs helping not ony with police work, as is common, but for search and rescue, as exemplified by Frida, who gained fame for her assistance in rescue work after the 2017 earthquake in Mexico City.
Trans activists responded immediately to the Attorney General's classification of the charge against Arturo "N" as a homicide on Sept. 1

Suspect arrested in the murder of Paola Buenrostro, a landmark case that made transfemicide a crime

0
The case of Paola Buenrostro in 2016 is emblematic for members of the trans community in Mexico, as it was the first to be recognized as a transfemicide by the Mexico City Human Rights Commission.
BETA Version - Powered by Perplexity